After an 800% price rally, Shiba Inu is ready to Doge. to overcome

For over a week, Shiba Inu, one of the famous meme cryptocurrencies, has been thriving with a spectacular rally that resulted in 800% growth. After jumping into the Bull Run, SHIB currency managed to break the odds and became the eleventh largest cryptocurrency five days ago. The sudden rally was a result of the signing of a petition by investors to include the digital token on the Robinhood platform. In addition, the digital token also introduced innovative and artistic projects, including NFT art incubators, in its ecosystem. Fortunately, the scenario between the mem currencies is completely changing thanks to the Shiba Inu price surge. Many enthusiasts foresee a future where SHIB could easily overcome Dogecoin to become the top meme currency.

Though Elon Musk’s favorite picture managed to increase the value of Shiba Inu earlier this month, things changed when he admitted he doesn’t own any SHIB coins. Despite the usual drop in value that follows every time Elon penalizes a cryptocurrency, Shiba Inu proved to break the routine and maintain its upward trend. Now Shiba Inu has a total market cap of $ 22.6 billion, 31% less than Dogecoin’s $ 30 billion. Given that the cryptocurrency market is all about volatility and massive price swings, SHIB vs Dogecoin has the potential to make Shiba Inu the winner of this race. This could help keep the cryptocurrency going beyond its widespread ancestors for months.

A closer look at the SHIB price rally

Often imitated as the “Dogecoin Killer”, Shiba Inu is an Ethereum-based altcoin that was born of memes and jokes. SHIB is preferred by enthusiasts like Elon Musk and Mark Cuban. Although the digital token has had a low profile since its inception in 2020, the recent price rally has put it in the spotlight.

In May of this year, Shiba Inu hit the headlines when Ethereum co-founder Vitalik Buterin donated 50 trillion to a cryptocurrency-based Covid-19 relief fund for India. Elon Musk later posted a picture of his new Shiba Inu puppy online. Usually, Dogecoin gets a lot of attention when the dog breed is introduced by enthusiasts. But this time it looked different. To everyone’s surprise, Shiba Inu’s price rose as a result of the Twitter post. Following this, the Robinhood Inclusion Petition and NFT Inclusion invited additional investors to try their hand at the meme currency. Even so, experts predict that the constant growth is high due to the fear of missing interest spikes (FOMO) and trade is rushing to join the rally for profits.

Shiba Inu price prediction

In short, it’s hard to predict where the price of SHIB could go from here. While certain factors prove the rally is a passing event, we can’t deny that Dogecoin made it into the top 10 list in the same way.

One thing that could hold the Shiba Inu price tag is Robinhood. Yes, investors are still optimistic that the cryptocurrency will be listed on the platform. The online move received over 300,000 signatures, bringing the value of SHIB to a record high. In addition to Robinhood, other platforms have also started listing Shiba Inu in their trading option.

At the time of writing, SHIB was priced at 0.000069, up nearly 30% since daybreak. While Shiba Inu, which is worth $ 1, is far from the grid, it looks like $ 0.000100 may be possible in the near future if the cryptocurrency maintains its pace. According to Coin Price Forecast’s forecast, SHIB may hit $ 0.00013158 by the middle of next year.

“Shiba Inu (SHIB) has become the most popular choice for crypto enthusiasts in India and around the world. The recent surge in Shiba Inu prices has been phenomenal as its value has increased by 72%. With Bitcoin and Ethereum prices on the higher side, SHIB still offers an affordable entry into the lucrative crypto market and the best part is that it is available in large quantities in the domestic and Indian markets. SHIB is already listed on some of the most famous stock exchanges in the world and it is only a matter of time when every exchange in the world will offer SHIB to its users. As the investor base for SHIB grows, we will see further appreciation in value in the coming days. We firmly believe that altcoins and meme coins will be an integral part of the larger crypto economy and add much needed diversification to the portfolio of crypto investors, ”said Shivam Thakral, CEO of BuyUcoin, a domestic cryptocurrency exchange.

Does SHIB copy Dogecoin’s Bull Run?

In general, it copies Dogecoin bull run. Shiba Inu is a sister currency to Dogecoin, which was launched in 2013 as the first meme cryptocurrency. Eight years since its inception, DOGE didn’t attract attention until 2020 after a Reddit move. In addition, the cryptocurrency has also been used as a payment model by sports teams, AMC cinemas, and as a speculative investment vehicle. The first five months of 2021 were a big time for Dogecoin when it managed to gain over 15,000%.

In a nutshell, Dogecoin has been low-key for a long time and has only boomed for the past 12 months. While we take a closer look at the recent Shiba Inu price rally, it suggests some similarities with Dogecoin in terms of low maintenance and sudden spike. A Dogecoin like a 1,500% price boom in the SHIB could get it close to its long-term goal of $ 0.0000100.

Siba Inu vs Dogecoin

Dogecoin started the year trading at $ 0.005 and hit an ATH in May by touching $ 0.74. However, the price has dropped to a moderate level and DOGE is currently trading at $ 0.25 per coin. On the flip side, SHIB started at $ 0.00000002 in 2021 and is currently at $ 0.000070.

Both cryptocurrencies have a large and loyal fan base. Most of the people who loved the Shiba Inu meme eventually became followers of Dogecoin or Shiba Inu. Despite the price rally, enthusiasts say mem currencies are being taken lightly compared to real world competitors. They insist that people consider it a fun thing that could help spark interest and engagement on social media for a while. Fortunately, both Shiba Inu and Dogecoin are more than that. Dogecoin has received help from institutional investors while Shiba Inu has entered the NFT market. These are a couple of heads up signs showing that meme currencies are breaking their bubble. When it comes to Shiba Inu vs Dogecoin, SHIB has gained the upper hand lately. If the cryptocurrency maintains the same growth, it could easily outperform the native meme coin.

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